Glasgow University partner company secures £10m investment
Published: 4 January 2007
Biotechnology specialists, Cara Therapeutics - a partner company of Glasgow University - has secured almost ?10m investment to advance their drug development research.
Biotechnology specialists, Cara Therapeutics ﾖ a partner company of Glasgow University - has secured almost £10m investment to advance their drug development research.
Cara Therapeutics, who currently license a proprietary drug screening technology from the University of Glasgow, are focused on developing novel, superior therapeutics to treat pain and inflammation associated with a diverse range of medical conditions.
Dr Stephen Reeders of MVM Life Science Partners, said: "Over the last twenty years there has been little innovation in treating pain. There is a big gap in the choices available to clinicians between moderately efficacious over-the-counter analgesics and centrally acting opiates with serious side effects. We believe that Cara Therapeutics is developing novel drugs to fill this gap."
Derek Chalmers, CEO and President of Cara Therapeutics based in Tarrytown, New York, said, "I am very pleased with the outstanding group of international investors we have attracted to participate in Cara's Series C financing and look forward to working with them to advance our internal drug development pipeline. I also look forward to continuing our productive interaction with the University of Glasgow and expanding our drug discovery capabilities at novel GPCR dimers involved in pain and inflammation."
New investors participating in the series of financing include MVM Life Science Partners and Alta Biopharma Partners, as well as previous investors Ascent Biomedical Ventures. In conjunction with the financing, Dr Stephen Reeders, Managing Partner of MVM Life Science Partners, and Ed Hurwitz, Director of Alta Partners, will join Cara's Board of Directors.
The drug screening technology licensed from the University of Glasgow was developed by Professor Graeme Milligan, a world-renowned leader in GPCR (G-protein-coupled receptor) pharmacology. 'DimerScreen' technology is designed to specifically and selectively identify molecules interacting with GPCR dimers and allows for the discovery of compounds with new pharmacological properties at identified dimeric drug targets. Professor Milligan is Director of Research for the University's Institute of Biomedical & Life Sciences, Europe's largest grouping of life scientists. He is also a member of the Scientific Board for Cara Therapeutics.
Further information: Cara Therapeutics
Martin Shannon (firstname.lastname@example.org)
First published: 4 January 2007